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A months-long hostile takeover bid for a Calgary oilfield services company generated new intrigue Monday as players on either side of the proposal issued competing pleas to shareholders ahead of a deal deadline.

Savanna Energy Services Corp., the target of the hostile bid by Total Energy Services Inc., attempted to convince shareholders to accept a different, friendly takeover that it called superior and far less risky.

Savanna’s board has recommended shareholders accept Western Energy Services Corp.’s proposal to acquire the company for $285 million, plus debt.

In laying out its case for the friendly bid, Savanna said its shareholders would own a much larger share of the combined company than with the Total deal.

It said a deal with Western would consolidate drilling and well servicing divisions to become a dominant player, while Total is focused on gas compression and cannot offer the same benefits from having economies of scale.

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Savanna accused Total of making “unsubstantiated and erroneous claims” in advancing its hostile bid.

Total has previously said if its deal is accepted, it would investigate Savanna’s board and senior executives for their actions since Total launched the takeover bid in December.

It threatened legal action to recover any losses suffered by Savanna or its shareholders as a result of “improper agreements or payments” the company may have made in recent months.

Savanna said Monday its board conducted itself appropriately, having established a committee of independent directors to explore strategic alternatives to maximize shareholder value.

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The process, which the company said Total declined to participate in, resulted in the recommended transaction with Western.

Savanna said Total’s condition that it would accept a deal to acquire more than half of its target’s shares “introduces significant risks to Savanna’s stability and ongoing operations.”

One potential outcome, Savanna said, is that Total could end up with just 50.1 per cent of Savanna shares.

“Total will not have the ability to direct the operations and affairs of Savanna unless and until it gains control of the Savanna board,” the company said.

For its part, Total said Monday the Western deal would “result in two heavily indebted companies becoming one under the stewardship of directors and management that have … consistently under-performed their industry peers, particularly Total Energy.”

Total said Savanna shareholders who hold nearly 44 per cent of company stock believe Total’s offer, worth roughly $244.7 million plus debt, is better than Western’s.

The Total deal expires March 24, through the offer could be withdrawn or extended.

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